Sports streaming app Buzzer is shutting down, the company announced Friday.

Buzzer’s statement states that “recent fundraising developments and market dynamics have informed this outcome.”

In May, Sportico reported that Buzzer would transition into being “a tech provider for teams, leagues, and networks broadcasting directly to fans themselves.”

The app was founded in 2020 to sell small chunks of games to potential viewers, attracting investment from Michael Jordan and Wayne Gretzky, among others, and striking distribution deals with the NBA, WNBA, NHL, and PGA Tour. It raised $44 million in nearly three years but failed to reach its potential and expectations.

As leagues attempt to keep their digital rights in-house, a company like Buzzer didn’t seem to have much of a chance in the marketplace. It’s hard to sell chunks of games to fans when leagues can do the same thing themselves and keep all of the profits in-house.

About Joe Lucia

I hate your favorite team. I also sort of hate most of my favorite teams.